Economic growth is shown on the production possibilities frontier as
A) a movement from one point on the PPF to another.
B) an outward shift in the PPF.
C) an inward shift in the PPF.
D) the curvature of the PPF.
B
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A game in which any gains one player makes are offset by equal losses by another player is known as a
A) zero-sum game. B) positive-sum game. C) negative-sum game. D) cooperative game.
Refer to the accompanying figure. Moving from demand curve D1 to demand curve D2 illustrates a(n):
A. decrease in demand. B. increase in demand. C. decrease in quantity demanded. D. increase in quantity demanded.
A firm's profit equals:
A. (P ? ATC) ÷ Q [(price minus average total cost) divided by the quantity sold]. B. (P ? ATC) × Q [(price minus average total cost) times the quantity sold]. C. P ? MC [price minus marginal cost]. D. P × Q [price times the quantity sold].
Country A has a comparative advantage compared to Country B in the production of shoes if
A. Country A can produce shoes using fewer resources than Country B can. B. Country A can produce shoes at a lower cost in terms of other goods than Country B can. C. Country A can produce shoes at a lower monetary cost than Country B can. D. the demand for shoes is higher in Country A than in Country B.